That model depicted a likely fall down to around $26 into blue 2. What we got was a fall to ~$24 but not a lower low than black 2 so the model is still intact. A fall below black 2 is the signal to sell and then reassess. The beauty about this setup is that the stop out is close to the buy in point (tight stops).
If this does break down then look for a full 5th wave down but with the shape of orange a and b I don't give high odds of that taking place. Buy the open if you didn't catch the close today and USE EW-APPROPRIATE STOPS.
2 comments:
Howdy!
On the UVXY count, what precludes the peak from Dec 16th to be counted as black 1?
-TJ
In that case would you be looking at what I count as black 1 to be just 3 of black 1? And if so then where would 1 of black 1 fall? It's important because the dip into what I count as black 2 would then be 4 of black 1 and 4 cannot fall into the space of 1.
It was because of this that I believe that the odds do not support your suggested count. That doesn't mean you are wrong but it would make for a very strange and unusual motive wave structure and again that is a low odds (albeit possible) occurrence.
In a game that is admittedly all about odds and not about certainties, I have to go with what I view to be the high odds play.
HTH.
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